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.s. are expected to have slowed significantly in november as hurricane sandy battered the economy. and euro hits a session low, 0.4% as problems in europe's periphery continue to weigh. a powerful 7.3 magnitude earthquake has struck across japan's northeastern coast. the quake rocked buildings as far as tokyo according to reports. u.s. geological survey said there was no threat in the wider pacific ocean. the yen has been rising to a session high before we got details of that. and right now, you can see dollar-yen at 82.39. 82.17 before that happened. some safe haven in-flows into japanese currency. if there was going to be a wave in terms of tsunami that was going to hit, it would have happened around five, six minutes ago and she had yet to see any specific drop or change in the sea level. so we'll hope that that continues on that particular way. atomic power says no irregularities seen at its nuclear plant. operations are normal after the quake. so we'll keep our eyes on that. and we'll see if there's any further reaction, as well. hurricane sandy is expected to have put a big department in t
events may have, of course, pushed consumers to spend less this season including hurricane sandy and concerns about how tax hikes from the fiscal cliff could impact their wallets. joining us for more on the numbers is michael mcnamara of mastercard advisers. great to have you with us. many analysts, retailers had high hopes for the season. i think it's looking weaker than expected. of course we had hurricane sandy and we're dealing with the fiscal cliff, as well. what do you think the big driver was of these slower growth numbers? >> well, good morning. yes, you hit on two of the big ones. really the season tripped coming out of the starting gate with hurricane sandy. the impact in the northeast and mid-atlantic, both those regions of the country actually had negative holiday seasons for the holiday-related sectors that we track. other areas of the country that were not impacted by significant weather in the southeast, south central, mountain and west, were up 2% to 4% year over year. so really depended on where you were in the country, how but during the holiday season. >> okay.
them some money. still to come, we'll get behind the wheel of hurricane sandy may have boosted the bottom line of automakers last month as americans replaced cars and trucks lost to the storm. we'll go inside the figures with the chief economist from the national automobile dealers association. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express [ maby december 22nd break from the holiday stress. for christmas delivery. >>> auto make irmaker sales for rise as consumers in the northeast replaced vehicles damaged or lost to hurricane sandy. sales also likely boosted by pent up demand. joining us is paul taylor at the national automobile dealers association. paul, good morning to you. how much of this demand rise are we going to see will be sandy rebound from sandy and actually real demand? >> we have low interest rates and old cars on the road. so a lot of the demand is real demand. but the other thing is that all the check
a convert for the benefit of hurricane sandy victims. producers say an estimated 2 billion people were able to see the show. the cast of artists includes bruce springsteen, paul mccartney, alicia keys and kanye west. if you missed it, here is a small taste from new jersey native bon jovi. ♪ coming and they go their separate ways ♪ ♪ can't you tell from that final day ♪ ♪ and it's going on all you do is drink snodz ♪ i'm a cowboy >> proceeds made directly from the show will go to the robin hood fund which will be distributed to people throughout the region. perhaps a model of more things to come. >>> stim to come on this program, could shale energy be the key to america's economic future? find out why right after this. >>> welcome back to "worldwide exchange." the fed takes a new and sprietsing effort tying interest rates directly to the unemployment rates. >>> and a strong showing at italy and spain's latest debt auctions. the last ones of the year. analysts warn the results could be viewed by the small amount of paper on offer. >>> u.s. futures are drifting lower this morning a
happened at sandy hook elementary does not happen again. ultimately, the way this is going to happen is because the american people say, that's right. we are willing to make different choices for the country and we support those in congress who are willing to take those actions. and will there be resistance? absolutely, there will be resistance. and the question then becomes whether we are actually shook up enough by what happened here, that it does not just become another routine episodes where it gets a lot of attention for a couple of weeks and then it drifts away. it certainly won't feel like that to me. this is something that -- you know, that was the worst day of my presidency and it's not something that i want to see repeated. >> let me ask you about a couple of foreign policy notes. after the attack in benghazi, is there a need for more accountability this doesn't happen again and do you know who was behind the attack at this point? >> two points. number one, i think tom pickrick and mike mullen who headed up the review board did a very thorough job in identifying what were s
of courses of hurricane sandy, plus the dampened mood cast over the country by the recent school shootings in connecticut. >> what's on today's agenda for you to follow in the united states? there's no economic earnings starting to speak of on this christmas eve. the markets will be closing early with the nyse closing at 1:00 p.m. even, the cme at 1:15, nymex at 1:30 and the cme global index closes at 1:45 eastern so basically they can go shopping. now, u.s. markets were higher last week despite friday's lack of a deal on the fiscal cliff. the nax das was up by 1.7% and the s&p 500 by 1.2%. that may have been the santa claus rally. we're joined now by ben lichtenste lichtenstein. ben, if we look at futures this morning, looking negative. it doesn't look as though santa is going to visit on christmas eve. >> well, we have seen a significant santa rally. if you look at the lower levels we were trading at earlier. if you remember, we sold off with conviction to the downside in the s&p as we tested that 1340 level. recently, a strong rally off that level. but, really, unable to get anything co
know it will be worse than it would have been because of super storm sandy. so you didn't know how much it was to do with that and how much was the economy. so it will be a bit of a wash in terms of reading the tea leaves for the u.s. >> so the growth picture for the u.s., we sort of 1%, 2%, depending on what happens with the fiscal cliff. what do you think, 2.5%? >> yeah, i think we should be 2.5% to 3% by the end of next year. >> which might be a slightly better outturn. china seems to be back on track. is there anything in europe -- what's the tail risk at the moment? >> i think there's two things that could still go wrong in europe. one, there's always political risk. in italy, you do have elections coming up. there's a chance getting a higher share than people anticipate. but even then, the financial forces are going to force any government that comes into power to more or less stick to the plan morsi set out. on the other hand, there's always spain, the worries that with 25% unemployment, that you would see the default rate particularly on residential mortgages shoot up, it's 3% n
discussions in washington? >> probably not. we got the big distortions from san sandy. slowly working through that. so i think if there's an outlier, investors will yawn and wait for the big nonfarm payroll report tomorrow. >> are we comfortable mf-i don't know how comfortable we are. consumers seem to be in better fettl eflt. >> in spite of this anemic job growth that we've had during the entire jobless recovery, it seems like consumers sense the -- their balance sheets have improved pretty dramatically. so, yeah, consumers -- and that's led to consumers spending slightly more than what experts thought they would spend. >> so you're overweight large cap versus small cap. why? >> the large cap u.s. multinationals, they typically have overseas subsidiaries that can reach into the emerging pockets of growth. i like the dividends payers, as well, because in these choppy markets which we'll continue to have get nice dividends. >> all right much ha. . have a good day. that's it for today's program. "squawk box" it is next. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact li
.s. jobs reports. nonfarm payrolls roads by 136,000 as the hit from hurricane sandy wasn't quite as bad as feared. the unemployment rate fell to a new low of 7.7%, but that was largely because many people had given up looking for work. and nearly half of u.s. companies say they would pull back on hiring if the economy goes over the fiscal cliff. now joining me on krn, jim cash. good morning and thanks for joining us. >> good morning. thank you. >> tell us a little bit about the results of this survey which indicate that companies have been reacting to the fiscal cliff by pulling back on spending or hiring. why haven't we seen that show up in the jobs report? is there a concern that we might see more of a pullback into next year? >> i think that's exactly what this survey is saying. about 50% have already taken some action. i think companies right now are waiting to see what's going to happen and it really comes down to two major issues. if we can get this fiscal cliff issue resolved, then we are looking at a pretty optimismic outlook from our members. but if we don't get the fiscal clif
with the news at the moment regarding sandy. but what we tend to find is prices tend to firm up next year. the other area i do quite like is we have consumer cyclical areas. probably had a tough consumer environment and maybe a tough oil input environment, as well. i think carna is a business that we can absolutely replicate. i think that's an interesting area for us to look at. and also, we have to challenge ourselves in general retail. it has had a slight run, but general retail looks slightly depressed. and if they can do anything with the margin, then you have a huge sales line that can flow dramatically. >> and it's interesting. i want to bring valentine in, as well. he's within from ing out of amsterdam. would you agree that we talked about stocks looking generally attractive. is it going to be a stock picker's market for once? >> let's hope so for our industry. i'll not sure about it, however. i think we are still seeing very much, just remember what happened yesterday in the uk markets. these markets are very sensitive to macro development, macro feeds and political dynamics. and
this year included the summer olympics, the super bowl, and superstorm sandy. a tongue twister. celebrities also packed a punch for twitter user. justin bieber, of course, held the title of most re-tweeted before obama's. news of whitney houston's death in february generated more than ten million mentions. humbling. >> i think boris yeltsin at the opec got hit -- >> his tweets or pictures -- >> i'm not sure why he got caught in the zip wire. >> right. right. and him at the opening ceremonies dancing awkwardly. >> him -- him at the opening ceremony got a huge amount of response. >> as it should. we want to know what your favorite tweet, hash tag, or tui tweet, pic -- i hate myself for those terms. get in touch by e-mail, worldwide@cnbc.com. you can also tweet us, @cnbcwex. >>> ahead, north korea held a rocket launch but the international community is hardly impressed. we'll have reaction in a few minutes. >>> welcome back to "worldwide exchange." here are the top three stories trending at cnbc.com -- which chinese company will overtick amazon as the world's largest retailer by 2016? find out
Search Results 0 to 10 of about 11